You are here: Home » Economy & Policy » News
Business Standard

CCI to get Rs 17,409 cr for cotton procurement in 7 seasons to 2020-21

The government on Wednesday approved a Rs 17,408.85 crore 'committed price support' to the Cotton Corporation of India (CCI) for seven cotton seasons from 2014-15 to 2020-21.

Cotton Corporation of India | cotton prices | Cotton output

Press Trust of India  |  New Delhi 


The government on Wednesday approved a Rs 17,408.85 crore 'committed price support' to the (CCI) for seven cotton seasons from 2014-15 to 2020-21.

The decision was taken at the Cabinet Committee on Economic Affairs (CCEA) headed by Prime Minister Narendra Modi.

The CCEA has approved incurring expenditure for reimbursing losses under MSP operations for cotton during the cotton season (October-September) 2014-15 to 2020-21.

The CCEA has given its approval for committed price support of Rs 17,408.85 crore to the CCI for the cotton seasons from 2014-15 to 2020-21 (up to September 30, 2021), an official release said.

In order to safeguard the interests of the cotton farmers, the government said the CCI procured cotton in large quantity during 2014-15 to 2020-21 as touched the MSP prices.

The procurement of cotton at MSP helped stabilise the and alleviate farmer's distress.

Briefing media on the Cabinet decisions, I&B Minister Anurag Thakur said the CCI and authorised agencies procured 123 lakh cotton bales in 2019-20 and 100 lakh bales in 2020-21. The annual production is estimated at 350-360 lakh bales.

During cotton season 2020-21, area under cotton cultivation was 133 lakh hectares with estimated production of 360 lakh bales, which accounted for around 25 per cent of total global cotton production. The government fixes the MSP for seed cotton (kapas) on the basis of the recommendations of CACP.

In another decision, the Cabinet approved reservation norms for Jute Packaging Materials for Jute Year 2021-22.

As per the reservation norms, Thakur said, 100 per cent foodgrains and 20 per cent of sugar will be packed in jute bags during Jute Year 2021-22 under JPM Act, 1987.

The decision is likely to bring relief to 3,70,000 workers employed in jute mills and ancillary units.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, November 10 2021. 16:39 IST